Physicians Quick Tip Guide To Multiple Streams Of Income

My self-education on finances led me to the Stacking Benjamins podcast and the So Money podcast with Farnoosh Torabi, where I came across Paula Pants of I have to admit that Pants’ story is amazing. She was investing in both index funds and real estate. I loved her model so I started reading her blogs, in which I discovered the BiggerPockets podcast (a real estate investment podcast). I also discovered business owners get more tax breaks so I explored other side gigs like coaching,

My vision for building wealth suddenly changed. It became clear to me that multiple streams of income is the way to go. I started listening to other podcasts like Side Hustle School, The Side Hustle Show, Smart Passive Income to get more ideas on multiple streams of incomes.

Here is what I discovered there are too many options to count. The ones that caught my attention were coaching, real estate investing, podcasting, app creation, selling physical products online, writing books, online courses, blogging, network marketing, photography, starting a youtube channel, and social media marketing.

I decided to focus on coaching. Since my coach transformed my life I wanted to do the same for others. Investing in rental properties came in at a close second.

In the end I decided investing in real estate is the fastest path to wealth due to tax breaks, depreciation, equity build-up in properties, and ability to make profit on a sale without paying taxes if you roll it into a 1081 exchange. Our biggest bill is taxes, and real estate does a good job of cutting back on that expense. With the stock market, having a tax deferred account means eventually having to pay taxes. I even discovered a formula for how many doors I need to retire early, and in my case I need about 24 doors (I will explain further in another blog).

I began to listen to the BiggerPockets podcast religiously, visit their website, and read Paula Pant’s blog to educate myself on real estate investment. I first learned how to analyze a deal to see if it is a good one for investment purposes. Paula Pant gave some rule of thumbs on finding good deals that still resonates with me: The 1% Rule- gross rental income should be at least 1% of total acquisitions price. Any deal that does not meet this first criteria is not considered. I also learned about real estate calculations like cap rate, cash on cash, etc.

I discovered turnkey real estate companies, which are businesses that buy, rehab, sell, and manage properties for investors. I knew I wanted to invest in real estate, but I had no desire to become a landlord so I started researching turnkey real estate companies. There were mixed reviews on turnkey real estate investing, and some referred to it as a scam. Most of these companies do single family homes, and my desire was for multi-units so I kept researching until I found turnkey companies that offered multi-units.

I took it a step further and placed myself on the mailing list for all the turnkey companies I thought were legit. I was close to buying a duplex in Chicago last year but that plan fell through. That turned out to be a blessing in disguise because today, I live in Dallas-Fort Worth Metroplex, found a turnkey company here, and closed on a deal for a fourplex this month. Four doors down, twenty to go! I’m looking forward to more deals next year.

As always, self-experimentation is the key to opening up new possibilities in your life. If there is something you would like to try for yourself after reading my experience, I encourage you to do so. You might like it!

Do you struggle with work life balance? Do you want happiness, and fulfillment in your medical career, family life, and finances? I can help! Book a free breakthrough coaching consultation. Click this link to book.  

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